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, weekly jobless claims of. the market down. four out of the five past days. the state of the economy next. alec, for this mission i upgraded your smart phone. ♪ right. but the most important feature of all is... the capital one purchase eraser. i can redeem the double miles i earn witmy ventu car sauce to erase recent tvel purchases. d with a few clicks, this mission never happened. uh, what's this button do? [ electricity zaps ] ♪ you requested backup? yes. yes i did. what's in your wallet? could lose tens of thousands of dollars on their 401(k) to hidden fees. thafully e-trade has low cost investments and no hidden fees. but, you know, if you're still bent on blowing this fat stack of cash, there's a couple of ways you could do it. ♪ ♪ or just go to e-trade and save it. boom. ♪ ♪ lou: optimism about economic growth commissioning -- diminishing as markets posted sharp losses for a third day this week. talk about the short-term. joining me now with his outlook for the economy, former bp, the president and ceo of the cake schiller institute. good to have you with us. >> goo
market since the start of this cycle. weakness in oil could portend investors worries that the economies are slowing down not just in china but globally as well. so that will probably put pressure on the market. the other thing too, we're in the earnings season and this might be the quarter that doesn't delight. that is that we do get some dispoints manned -- disappointments and we get stiff reactions to the disappointments. lori: bob, you were cautious yet looking for stocks to show gains for the year. what do you think will get us past these bumps in the road? >> i think the bumps in the road should not be unexpected. the market is up 20% since last june. so it is not unusual to have a five to 7% correction at this stage. following on gene's comments, we are in earnings season. interesting when you look this year, i think that will be stimulus for further correction. expectations are 5% increase over last year for this quarter. 7% for the second quarter. 18% for the third quarter and 28 for the fourth. i think as companies report, analysts will be really focused on what the guidance be
, boost the u.s. economy as supporters claim it will? lou dobbs is here. lori: let's update you on the markets as we do every 15 minutes, happening fast and furiously. we have the first check in this hour with nicole. what's the word on the floor among traders there, nicole? >> a couple things to note, obviously, we were selling off, back looking at what we looked at on monday, monday, we dropped 265 points, below even those levels. the vix, fear index, up 20% easily showing the nervousness in the market. selling across the board, particularly in economic sensitive areas like energy and technology, and apple, for example, below $400, and we'll is more on that throughout the show. the one thing to note is the volume is not as heavy like we saw on monday. there's less volume and less conviction to the selling; however, the selling is happening across the board. there's economically sensitive areas like financials bringing me to bank of america. reporting their quarterly numbers, look at bank of america. this weighing on the dow jones industrials, but more importantly, bank of amer
to boosting the economy and creating jobs, gop leaders have stuck to one solution. cut spending. >> it's time to cut spending. >> try and reduce the level of spending here in washington. >> our goal here is to cut spending. >> the sequester, it does cut spendi ing spending. >> cut spending. oh, sure, that'll fix everything, right? wrong. president obama repeatedly warned that last month's automatic budget cuts would hurt our economy and slow down our recovery. >> my budget also replaces the foolish across the board spending cuts that are already hurting our economy. >> but speaker boehner, majority leader cantor, and the other far right wingers wouldn't budge. and now the cuts are hurting air travelers. the faa has been forced to slash hours for 47,000 employees. including 15,000 air traffic controllers. and we're seeing airport delays all across the country. surely boehner and cantor are -- would be flying high. after all, they got those spending cuts they wanted to badly, didn't they? not quite. instead, they're still on the attack against the president. pushing the twitter hashtag obama fl
showed more claims and that is not great news for the economy. i wanted to take a look two names on the dow jones industrials. one is the best performer and one is the big lagger. united health down 3.5% after their quarterly numbers, then you have verizon doing well with wireless particularly and in particular hitting highs we haven't seen in ten years. back to you. lori: thank you. global growth concerns bringing an end to the stock rally, the recent sell-off prompted the next guest to make the investor's portfolio, stifle nicklaus, portfolio manager has more on what is happening. thanks for joining us. we do follow you pretty closely and return to equity and commodity as you say, fundamentals are slowing. give us the best investment advice for where we go from here. >> to put it in context our group looks at a bunch of different economic variables. we saw a trough in the process last fall and added some exposure to equities as a result of improvement and fundamentals we saw under way right after the fed and the ecb took action last spring. as we rounded the corner and came int
and granger. that's a great tell of the real economy. boy, it's hard not to -- >> there's a lot going on regarding housing. we'll keep our eyes on the homebuilders. >> these people want to try to find a hole in the housing starts, good luck. this is a very big move and we're building far fewer homes than what are destroyed by fire and flood. a lot of people will live with their mother-in-laws. >> despite what we know about the price of building products, right? and the cost of contractors and electricians. >> and i think some of those costs again will come down. copper came down big, and aluminum bid. we'll take you to boston. we're expecting this to be the fbi in charge of the boston field office and deval patrick there and the u.s. attorney carmen ortiz. let's listen in. >> everyone, thank you for coming this morning. less than 24 hours after yesterday's act of terror we wanted to organize a briefing for you with the information that we have. the mayor is here, the members of our congressional delegation, all of the law enforcement leadership. we have several people who want to pres
in the economy spook you a little bit? >> you know, there's always those kinds of concerns out there, but let's think back at the whole first quarter. we've been looking for a selloff, and all the pros have been saying a selloff's coming, a selloff's coming. one never came. so monday was different. you could tell the trading monday, it broke through levels it hadn't, you know, previously broke through. this was real selling. and so this is the first opportunity, i believe, to kind of start looking for stocks on sale. i'm not saying jump in, you know, both feet, but, you know, we've been looking for stocks that are on sale, and you're finally getting them this week. and so we'll be using the continued weakness that i think will continue for a few more weeks to be buying stocks. liz: okay. microsoft numbers are out, and as we put up the stock reaction and, again, right now the stock is moving higher in the aftermarket session. we're waiting on the actual details of this, but as you can see, slightly higher in the aftermarket at the appointment as we pick apart the numbers, mac. your thought on
, beat or miss estimates? as for the economy, here is today's calendar. >> how is the crowd sourcing experiment gone so far? i haven't looked at the results. >> the results for coming. >>? >> i can't even log in to the borrowing page. >> they've gotten some decent numbers that have come this. i think there are 1500 or 1700 -- >> but are they better -- >> they're good at it, but i think we have made the mistake of picking from predictable companies. that's why we started picking some trickier companies like apple. that's the one that's up in the air. nobody knows exactly what's going to happen. if you can beat on these companies, then we're going to be more impressed. >> apple generates a lot of attention and feedback. if i put out on twitter, will apple meet, beat or miss, some people will say it will meet, some will say it will miss and others will stay you stink, sullivan. >> but you will get responses by putting apple out there. >> anything you say on apple, and i'm an apple lifelong user, and i referenced a couple weeks ago that i was going to buy a windows 8 machine because it w
economy both coming in, you know, more bearish than expectations. what can they do. positive for interest rates. on the other side, we still -- melissa: you think they will step in and do more easing in europe? >> they will cut interest rates. little impact because interest rates are already low. what we need is measures. the ecb could loan some money. melissa: that is an interesting perspective. we are quite bullish on the u.s. economy. we are positive. thinking would be good. this will account for some of the assets. melissa: thank you so much for coming on. lori: we have some updated news for the housing market today. rising 1.5%. that is just shy of the estimates. the pace has increased by 18.5% from year ago. bonuses are getting smaller. they are caving to regulators and scaling back bonuses. the trade journal said the fed started calling banks last year about compensation plans. jon corzine facing a lawsuit now over the collapse of mf global. he is being sued by louie freed. the lawsuit alleges that corzine engaged in risky trading practices. melissa: a vote of confidence and a big
. that will be the biggest day for me because they're the big indicators of how the global economy is doing overall. speaking of the global economy, caterpillar if this was clearly a disappointment and the guidance was disappointment and they telegraphed it a little and the stock's been up and the dow this morning and the two things here, number one, he's coming on and talking about stability and that's the key word on our air on cnbc and a lot of people have noted the drop in mining. mining was down 25%. sales in the mining division, second most important was down 25%. i think a lot of people have got that already set up. remember, this is heavily shorted stock and it was $100 two months ago and it's $80 today and a lot of people anticipated what's going on. let me mention apple very quickly. the hope here is for a special dividend, increase the dividend to over a 3% yield and start with the big buyback. that's the big hope there. nobody's expecting them to blow the cover off of any of these numbers and all of them have been coming down. >> guys, back to you. >> watching microsoft continue to gain now up 4.
result. also what i liked is some of the bright spots that we see in an otherwise challenged economy. namely, the recovery of housing, particularly in our big housing states of california and florida. this has put an underpinning under consumer confidence and we see the preassumption of home construction, the energy situation in texas is very strong, lead to go an increase in pickup truck sales for us of plus 18%. we also had significant acquisitions in the quarter. in both phoenix and dallas, revenue run rate of 250 million, which when combined with last quarter is now over 800 million of acquisitions within the last six months and is, finally, and last but not leaf least, we've branded 0% of the company now under the flag of auto nation and the branded markets, even though we walked away from some names that were 80 years old, improved share right out of the box. >> that's what i was thinking, you know, wayne has been trying to get you to do that for a while and you finally listen to him and then you get the best quarter ever. >> yeah, you know, i should always listen to wayne soon
something horrible to happen, or you need a total collapse of the economy. i don't see either. >> well, we're actually talking about two different events. relative to a correction this year, i think that we're looking at something similar to 2011. 10 to 20% off in the second or third quarter, kind of a reaction to this building uncertainty, this volatility we have seen since february. in terms of the bigger crash call that i've been making for more than a year now, as the s&p continues to top out very similar as it did in 2000 to 2007, i think you're right. i think that we are looking at some kind of external shock situation. >> no, no, i'm not -- i'm saying that's what you need to make your forecast right. i'm not predicting that. i don't see the end of the world scenario. i don't buy it. >> and i hope that bernanke -- >> gold signal. i just don't buy it. and so much liquidity -- seema, are you hearing this end of the world -- all right. let's take abigail. 10 to 20% correction. are you hearing that? >> if the fed pulls back on monetary support sooner than expected, i think there are trad
because the economy isn't supporting that. what do you do? how do you respond to that? how do you protect your money? >> well the thing is you have to understand, actually mark hit on a great point, since 2009 revenues only grown by about 7% of the earnings have grown by almost 230%. the disparity's come from things like stock buybacks, accounting gimmickry in terms when do we account for stuff and when we don't. and so what drives corporate growth in the stock markets over the long term is that top line revenue, sales. that's what we node to see. that is what --. melissa: lance, i know that, tell me how do i protect my wealth in light of that? i hear what you're saying but you're reiterating what the guys before you said. we already agree with that. how do i protect my money? >> i know. the point is we're telling you the strength of the economy the economy is getting a lot weaker here. all recent data shows it. it means cash and fixed income will perform better most likely over next six to nine months while we go through this process. melissa: cash, cash is going to perform better?. >> c
percent say the economy is the most important issue facing this country. 18 percent say it's unemployment and jobs, of course. satisfaction with the government itself. 16 percent -- i mean, these are the beginnings of a list for anyone's agenda and politics in this country. anyone responsible for government. 11 percent said it's the deficit and debt. now, you may have noticed, we are not seeing any legislation, not hearing a lot of talk about programs and responses to deal with these issues. and then there is, of course, health care. 6 percent. 6 percent say that is the most important issue. 5 percent say it's ethics. i have to say, 5% as a little small for me on this. the ethical and moral and family decline in this country. are you kidding me? 4% say immigration. i know what your thinking. we have seen a huge immigration bill introduced. well, 4 percent say that it's education. the number one issue in the country. and another 4 percent say guns. isn't that interesting? guns. here is what the hundred and 13 congress that succeeded at doing so far this year. they put together seven measur
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that people view as specific predictors of where the economy is going. and again, you can see while it did go down in august of 2012, we've essentially had six straight months of either flat or up and then we had a down. and, again, we would normally want to see something like three months of a trend before we made too much of this. but the fact is, that's not -- it's not a good news. so the question is, well, why is this happening? we've had -- first we've had soft spots in the economy for the last two or three springs. might be another one of those. but you have had the payroll tax increase go into effect. you've had sequestration go into effect. you have no growth in people's incomes. that was the more disappointing numbers out of the last unemployment insurance report. and if people don't have money, they can't spend money. and finally, we're being affected in the slowdown in europe in particular and the slowdown in the emerging markets. our export growth has fallen to about zero at the moment because there isn't demand overseas for our products. so it feels like a little bit of a soft sp
the same with gold. i think the drop in gold is a very positive signal for the longer term economy. but i think these events coming together so rapidly, what went on in boston and the gold crack up and you mentioned commodities, it has given people an excuse to take whatever, 5% to 7% breather in stocks. >> i think that's a good point. what we don't talk about, money coming out of gold is not a bad thing. it's a positive thing in the long run for equities. other commodities especially oil, gasoline prices come down 17% from their peak. i think that's going to be a positive in the economy. so you have to look at the bright side of some of these things. but you're right, it's impossible to separate the emotional from the economic. and we have both going on. a tragedy occurred. it's hard to separate both. >> emotion plays a big role in the stock market. art, thank you very much. we'll resume our coverage of the boston marathon bombing investigation when the kudlow report comes right back. maxwell is not. he's on geico.com setting up an appointment with an adjuster. ted is now on hold with hi
the u.s. economy is going to be 3% larger. bad news is nothing's changed other than the way we calculate the size of the u.s. economy. >> oh, my goodness. >> great. >> thanks for being here. you added a lot. mika, thank you so much. mika, you're going to try to make the jump? >> no. well, maybe. we'll see. >> maybe the surface. we'll see. >> i like the surface. using it to cover myself. >> a.j., phone home. it's way too early, what time is it, mike? >> it's time for "morning joe." right now other than a.j. clementi's first day on the job, the most important thing is it's time for chuck todd. >> now. >>> the surviving boston bombing suspect starts to answer investigators' questions. legal experts and lawmakers debate his rights. this morning we're talk to the top lawyer at the acclu. congressman peter king who says the suspect should be treated like an enemy combatant. >>> back in washington senator marco rubio tries to steer his party to an immigration deal. some veteran republicans raise new questions and an up and comer could end up being a roadblock the size of texas. >>> in the wake
moving and that's critical to our economy. >> congressional republicans charge the administration is structuring these cuts to worsen their impact. in a statement, congressman bill shuster the chairman of the house committee on transportation and freezing rain structure says quote the administration views the sequester as an attempt to score political points rather than address real issues and find real savings in a bloated federal bureaucracy. he points to sizeable increases in the faa's budget and continued spending on consultants and travel. the administration says the law requiring these cuts gives officials few options. >> furloughs cannot be avoided. 70% of the faa's operation's budget is personnel. the faa must furlough 47,000 employees up to 11 days between now and the end of the fiscal year. >> the replace cuts with other cuts and tax increases on the wealthy. >> this fight is playing out in court as well. the nation's airline association is suing the f.a.a. to halt these furloughs claiming that the administration has the authority to cut elsewhere. bret? >> bret: rich ed
get there. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. from the united states postal service a small jam maker can ship like a big business. just go online to pay, print and have your packages picked up for free. we'll do the rest. ♪ >>> welcome back to a special edition of "newsroom," live from boston. i'm wolf blitzer reporting. today, the fbi faces a grilling on capitol hill over the boston bombings, lawmakers want to know if the agency missed vital clues two years ago. that's when agents interviewed the older suspect, tamerlan tsavraev, at the request of the russian government. cnn's national political correspondent jim acosta joins us from washington now with what's going on. a lot of frustration, a lot of what ifs, could if this boston magnificent y massacre been prevented? those are the questions that will be brought forward today. >> that's right, wolf. it will be playing out on capitol hill. the senate intelligence committee has set a hearing for 2:30 this afternoon with fbi officials, they will be
and will have a great environmental and economic impact. another study in new york looked at not only economi the economit of environmental impact and said fracking can be done safely. two studies done by either coast. the tax revenues are big enough, powerful enough, job creation big enough will override the power environmentalists have in the state of california. stuart: i think you're right, i'm asking you if california goes ahead and does this, that would open the door to all of america. i can't see anybody standing in the way of fracking for natural gas and oil. >> that is right. it is a similar decision obama made on the keystone pipeline situation. the prime minister of canada was shocked and turned it down. his administration looked at it, probably the most research environmental project ever, and obama turned it down. not for science reasons, but for political reasons. will jerry brown turn it down for science reasons or political reasons? i don't think he will turn it down. his concern about the state deficit, $500 billion unfunded pension liabilities, stuart, they have to do someth
that reinforces everything anything on in our economy world with a continuous flow of weird unconnected news, there is no normal to return to, we're looking for, please tell us it safe. and unfortunately it is not proving to be safe. neil: what if it is al qaeda? if the fear that we had kept al qaeda at bay is not the case? then it changes a lot of folks' sense of security. >> there is no question, that woulding very negative for the market. we experienced a bombs in one of our great cities like boston following a huge porting event on patriots day. >> are you surprised -- so to, that and we're looking at market react, but tepidly slow, i would have expected even more, that maybe not you, what do you think? >> i think i wwuld have too. if for past 12 years or 11 and a half since 9/11 i had a sense, that there is probably not going to be a lot more of those big ones because we got moved to action but this idea of soft target, of you know, can i explode a device in a shopping mall or amusement park or a church, that idea has haunted my, i am amazed that more has mottnot happened, i hava agree
tragedies that disable our workers, devastate our families, and damage our economy. now it looks increasingly like the fertilizer plant that exploded last wednesday may have been a preventible tragedy. according to reuters, the plant had been storing more than 1300 times the amount of ammonium nitrate fertilizer that would normally alert the u.s. department of homeland security to a possible safety oversight. that's 100 times more than the amount of ammonium nitrate used in the oklahoma city bombing. remembertive thompson from mississippi and a ranking member of the house committee on homeland security released a statement saying, quote, it seems this manufacturer was willfully off the grid. yet we understand the department of homeland security did not even know the plant existed until it blew up. i strongly believe if the proper safeguards were in place, the loss of life and destruction could have been far less extensive. while many of the initial mist relatives boston quickly appeared to come into focus, in texas, we're left mostly with unanswered questions. first and foremost,
economy and we protect the future of our kids and grandkids? or are we going to do something that's got a very short-interpret payback? so when i look at the keystone pipeline, it is a 40-year investment in bringing very dirty oil that we can then ship to the chinese. if it isn't dug out of our country it isn't sent to our country. it just goes through our country. whereas in fact i see a completely different way to respond to this. i think that if we respond through american business to solve this energy and climate problem, we will make ourselves richer, healthier and we will respond to the biggest challenge of our generation. >> five years ago i was convinced watching the politics of climate change, if you will, that this was moving in a direction where you had sort of -- it was getting out of politics. then all of a sudden it's become more politicized. you see this, what candidate obama said in 2008 about climate change, yes, what he said at his nug gu inaugural, but it seems the politics of this issue has scared democrats again. >> i don't think there's any question. we went throug
and more money chasing fewer shares. doesn't matter that the realty is the underlying economy is not growing and getting a little weaker with the higher taxes, but, you know, and i also like netflix. i like amazon. i like sales force. i like companies that they actually are creating demand because they're new leading edge products. yes they have a very high p-e. so does sales force. so does amazon. but they're generate, they at tracking new revenues from new businesses that didn't exist before. netflix is a great example. david: one. hits against apple right now, which you are recommending. and this is to michael. they haven't come out with a new product line. they have been sort of revising some old models. does that concern you? are you still for apple even though the new products don't seem to be anywhere to be seen? >> i would agree with you, in the past couple quarters we haven't seen anything compelling coming out. but i think that is going to change. i think we heard a lot about an i-watch. i think we heard about itv. we heard about a new ipad coming out. we'll get some
, the economy comes to life. norfolk southern. one line, infinite possibilities. welcnew york state, where cutting taxes for families and businesses is our business. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit thenewny.com ...and we inspected his brakes for free. -free is good. -free is very good. [ male announcer ] now get 50% off brake pads and shoes at meineke. >>> we're standing by for live coverage of two news conferences. on the left, they're getting ready for a news conference in boston. boston police holding a news conference for what they described as the takedown of the 19-year-old boston suspect. and the ricin letters sent to the president and a senator. we'll have live coverage of both. stand by. lots of news happening right now, right here in "the situation roo
see in europe, a different picture, but an economy under pressure there. imf cut forecasts. there's a broad based selloff, 147 names of the s&p 500 with down arrows. the defensive names trying to squeeze out up arrow, but i wanted to look here at apple, a new low, new 52-week low. last september, $705. and now it's $403. selling off significantly, more than 40% from the september highs. latest report is from digi times about the report that ipad minis are not getting the orders or shipping the way they hoped origin thally. obviously, under pressure there for apple as well. back to you. dennis: thanks very much, nicole. rich edson has the latest at the white house with the suspicious packages in washington. rich? >> two senate aids told us messages they got from the u.s. capitol police department. there is one suspicious package in the atrium of the heart office building and suspicious envelope on the third floor of the senate building, and russell building, a suspicious envelope on the third floor. these are across the capitol building housing senate and committee staff. they are
it. >> in 1839, britain, at the moment it controls more of the world economy than it will ever do before or since, about 40% of world trade, go in and invades afghanistan. looks as if it's going to be incredibly easy. >> always does, doesn't it? >> they walk in as with many other subsequent invasions, looks as if everything's going to go very easy. within a few months they are busy ice skating. they brought their fox hounds. they've come up with 30 camels full of -- they brought three camels with cigars. one camel just carrying eau du cologne for the troops. all looks easy. within 18 months the most incredible jihad has been declared. the troops are completely surrounded. because they walked in so easily they haven't made any fortifications. they're surrounded on all sides by hills. the afghans capture their food and ammunition within about 48 hours. they shoot the deputy governor at the uprising. the main governor goes out to negotiate. he gets shot dead. you have a completely lead to this army without food, without ammunition in the middle of winter. all they can do is retreat.
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